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Clarion Partners
Real estate investment firm based in New York City From Wikipedia, the free encyclopedia
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Clarion Partners ("Clarion") is an American real estate investment firm headquartered in New York City. The firm is the real estate asset management platform of Franklin Templeton Investments.[6] In 2022, IREI ranked Clarion as the eighth largest real estate investment manager in North America based on assets under management.[7]
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The firm was founded in 1982 by Stephen Furnary and John Weisz who previously worked at Citibank's real estate investment management group.[3] Frank Sullivan who was also from Citibank joined them shortly after it was formed.[3][4] When it was incorporated, it operated under the name Jones Lang Wootton Realty Advisors (JLWRA) as Jones Lang Wootton was a corporate partner.[3]
During that period, real estate investment was mostly by large private institutions related to Banks and Insurance companies.[3][4] The aim of the firm was to allow investors the opportunity to work with smaller and more nimble organizations.[3][4]
In 1995, the founders bought out Jones Lang's interest in the firm and renamed it to Clarion Partners.[3]
In 1998, ING Group acquired Clarion and the firm's brand name changed to ING Clarion.[1][3][8]
In 2011, Lightyear Capital partnered with Clarion's management to acquire Clarion from ING for $100 million.[1][3][9][10][11]
In 2016, Lightyear Capital sold Clarion to Legg Mason for $585 million.[12][13]
In 2021, Franklin Templeton Investments acquired Legg Mason for $4.5 billion.[14] As Clarion was a subsidiary under Legg Mason, it has now become a subsidiary under Franklin Templeton Investments.[15]
On September 11, 2005, Co-founder Weisz passed away.[16] On May 13, 2014, Co-founder Sullivan retired from the firm.[4] On April 17, 2017, the final co-founder, Furnary retired from the firm but still remained Executive chairman and passed on operational duties to the new CEO, David Gilbert.[17][18]
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Investments
Most of Clarion's real estate investments are based in North America.[2][7]
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